Published On: Sat, Feb 13th, 2016

Insurance for Disastrous Health Issues – It’s Available

Insurance is available for any number of problems and situations. What many people may not know is that ‘critical illness’ insurance options exist that often provide additional relief for health care consumers.

Doctors preforming an organ transplant.Wikipedia

Doctors preforming an organ transplant.

As this article details, many employers make such plans available through their employee benefits plans, although employees are normally responsible for the costs. But for people who understand that for any one of a variety of reasons (often primarily genetics) they are likely to be susceptible to certain diseases, this type of coverage can be important, even critical.

The article highlights the following:

“Critical illness policies typically provide a lump sum if someone is diagnosed with cancer, heart attack, stroke, kidney failure or needs a major organ transplant. They may also pay benefits for other medical problems such as loss of vision or paralysis; plans have an average of 19 eligibility triggers, according to a market survey by Gen Re, a company that offers insurance to insurers to help manage the risk from underwritten policies. In addition, some employers also offer a policy that pays only in the event of a cancer diagnosis.

Nine out of 10 critical illness policies are sold through the workplace, according to Gen Re. These plans provide an average $15,000 payout to workers diagnosed with one of the conditions covered under the policy. Plans sold on the individual market pay $31,000 on average, Gen Re said, but applicants generally have to go through medical underwriting to qualify. Employer plans usually don’t require that.”

Consumer bottom line: If you suspect, believe or understand that you or a family member covered under your health insurance plan may be susceptible to problems or diseases that can be expensive to treat or manage, ask your employer’s HR department whether or not these ‘critical incident’ policies are available.

Wayne Becker

Wayne Becker is a visionary, dynamic nursing leader with over 20 years of clinical expertise and 10+ years of management experience. Experienced in multiple organizational settings from individual community hospitals to tertiary, academic facilities. Demonstrated excellence in quality critical care and emergency care and fiscal accountability. Change agent who leads process improvement initiatives as well as managed staff through significant technology upgrades. Developed mentoring relationships that prepared staff at all levels for advanced professional opportunities.

Specialties: Trauma Nursing, Critical Care Nursing, Emergency Nursing, and pre-hospital Emergency patient care. Utilization Management and leadership experience in for-profit and non-profit environments. Union and non-union leadership experience. Multiple EDIS and CPOE platforms.

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